Successfully Completes Avalon RTO
Omai Gold Mines Corp. (TSXV:OMG) reports that following the closing of its reverse takeover transaction with Avalon Investment Holdings Inc. the TSX Venture Exchange has issued its final exchange bulletin confirming the completion of the RTO.
The company’s common shares commence trading on the TSXV as a Tier 2 mining issuer under the symbol “OMG” as of November 18, 2020.
Pursuant to an amalgamation agreement, Anconia Resources (Barbados) Corp., a wholly owned subsidiary of the company, and Avalon amalgamated under the Companies Act of Barbados. As a result of the Amalgamation, (i) all securities of the company were consolidated on a 15:1 basis; (ii) the issued and outstanding shares in the capital of Avalon will be converted into one common share in the capital of the surviving corporation of the Amalgamation; and (iii) in exchange for each (1) security held in the capital of Amalco, each security holder will receive 1 security in the capital of the Resulting Issuer.
Finally, the shares of Amalco held by former Avalon shareholders have been cancelled, and shares of the Resulting Issuer have been issued to those shareholders in replacement.
Oh my!” is exactly what early prospectors shouted when they discovered Guyana’s vast mineral wealth 130 years ago. And at the heart of the country is the Omai gold mine: a multi million-ounce deposit that was once South America’s largest producing gold mine.
Today, the company is building on this past success with the right tools, relationships and vision to bring this under-explored gold mine back to life. It’s a unique opportunity that is sure to make you say, “Omai!”
Avalon Gold Exploration Inc., a wholly owned subsidiary of Omai Gold Mines Corp., holds a 100% interest in the Omai Prospecting License covering 4,590 acres, including the past producing Omai gold mine.